Austrian Banking Restructuring and Resolution Act (BaSAG)

Austrian Banking Restructuring and Resolution Act (BaSAG)

As notified in the ad hoc releases of November 28th, 2014 and December 23rd, 2014, Heta Asset Resolution AG (HETA) is working on a liquidity- and wind-down-plan that has to meet the requirements of the Bundesgesetz zur Schaffung einer Abbaueinheit (Federal law for creation of a wind-down unit; GSA) to wind-down the assets of Heta in a proper, best and quickest-possible manner. Such liquidityand wind-down-plan will also affect the financial statements 2014 of Heta. In that respect, Heta conducts an asset quality review (AQR) with the aim to re-evaluate its assets in consideration of the aim to wind-down the assets of Heta in a proper, best and quickest-possible manner.

Resolution Authority orders resolution measures pursuant to the Austrian Banking Restructuring and Resolution Act (BaSAG)

Administrative ruling (legally non-binding!)

For further information you can find some FQAs here:

https://www.fma.gv.at/de/sonderthemen/heta-asset-resolution/haeufig-gestellte-fragen.html